Getty Images Calls Off $3.7 Billion Merger With Shutterstock After UK Regulator Demands Divestiture
Getty Images has abandoned its planned $3.7 billion merger with Shutterstock after the UK's Competition and Markets Authority required the sale of Shutterstock's editorial business as a condition for approval. Getty's board unanimously decided to call off the deal, viewing the divestiture requirement as a non-starter. The merger would have combined two of the largest stock photo and video marketplaces.
Key quotes
Getty, led by CEO Craig Peters, said on Tuesday that its board of directors unanimously decided to scuttle the deal to merge with its rival after the top regulator in the U.K., the Competition and Markets Authority, required the sale of Shutterstock’s editorial business.
Getty’s board viewed that requirement as an apparent non-starter, per a regulatory filing with the Securities and Exchange Commission.
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